Corn Climbs for Second Day as Rain Slows Harvest

October 15, 2013 02:21 AM
Corn Climbs for Second Day as Rain Slows Harvest

Corn rose for a second day in Chicago as rain is seen slowing harvesting in the U.S., the world’s largest producer, extending a supply squeeze before the arrival of the new crop.

Rain is forecast through to midday tomorrow across most of the U.S. Corn Belt, with as much as 1.5 inches in northern Wisconsin and 0.5 inch in central Minnesota, according to World Ag Weather. Showers may cause some delay in harvesting in the U.S. central and eastern parts today and tomorrow, Commodity Weather Group said in a report e-mailed yesterday.

"Delays in corn harvesting support the prices somewhat, even if the bullish potential seems limited in view of abundant harvests both in Ukraine as well as the U.S.," Paris-based farm adviser Agritel wrote in a market comment today.

Corn for delivery in December rose 0.5 percent to $4.39 a bushel on the Chicago Board of Trade by 5:38 a.m. U.S. production of the grain is expected to rise to 350 million metric tons this year from 273.8 million tons, according to the International Grains Council. Futures trading volume was 36 percent lower than the average for the past 100 days for this time of day, according to data compiled by Bloomberg News.

Soybeans for delivery in November slipped 0.3 percent to $12.6975 a bushel.

Most U.S. Department of Agriculture services remain closed due to the government shutdown, and the USDA’s monthly supply and demand report has been delayed indefinitely since last week.

"In the absence of data provided by the USDA, the market remains hesitant, while harvest work continues in the U.S. and the yields seem better than expected both in soybeans and corn," Agritel wrote.

Wheat for delivery in December fell 0.5 percent to $6.8875 a bushel, while milling wheat for November delivery traded on NYSE Liffe in Paris advanced 0.1 percent to 199 euros ($268.41) a ton. EU wheat is trading $14.25 a ton above Chicago wheat, from $11.58 a week ago.



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